The Association of Chief Audit Executives of Banks in Nigeria, ACAEBIN, says internal auditors in banks must move beyond old-school checks if they want to stay relevant in the age of Artificial Intelligence.
The call was made at ACAEBIN’s 54th quarterly General Meeting in Lagos. The theme was “Internal Audit Function in the AI Era”.
ACAEBIN Chairperson, Mrs. Aina Amah, opened the discussion by pointing out how much AI is already reshaping banking. She said AI is helping banks improve risk management, catch fraud faster, and serve customers better. But she also warned that the technology comes with new risks around governance, ethics, cybersecurity, data accuracy, and whether AI models can be trusted.
“Internal auditors need to adapt,” Amah said. She urged auditors to learn new skills, embrace tech tools, and provide assurance that helps banks use AI responsibly.
The keynote address was delivered by UBA’s Managing Director/CEO Oliver Alawuba. He was represented by Ugochukwu Nwaghodoh, UBA’s Executive Director of Finance & Risk.
Nwaghodoh explained that AI is speeding up how banks make decisions. “We are moving into an era where decisions can be made almost instantaneously, and where AI can enhance various aspects of banking, including risk management and fraud detection,” he said. “This evolution requires that we elevate our approach to internal auditing.”
He stressed that in the AI era, audit teams will be valued more for preventing losses and spotting risks early than for just reviewing past transactions. The goal, he said, is to give the Board confidence, protect customers, and satisfy regulators.
Alawuba added that technology should help auditors, not replace them. With AI handling repetitive tasks, auditors can spend more time analyzing data, interpreting results, and asking tough strategic questions.
“The AI era will reward institutions that embed trust within their systems, products, processes, and culture while holding accountable those that neglect effective controls,” he noted.
*What Auditors Should Do Now*
Alawuba urged auditors to join tech discussions early. Instead of reviewing AI tools after launch, auditors should understand how the products are built before they go live. He listed key areas to focus on: making sure data used by AI models is complete, accurate, authorized, and secure; testing that AI outputs make sense and can be explained; and ensuring humans still oversee important decisions.
ACAEBIN is a not-for-profit body that brings bank auditors together. Its job is to encourage teamwork, promote ethical standards, and improve professional skills among internal auditors in Nigerian banks.
With AI now driving real-time decisions in banking, the association says the audit role must evolve too. The message from Lagos was clear: auditors who learn new tech skills and think proactively will help banks stay safe, compliant, and competitive.
